RACE TO THE BOTTOM
- is the process in which governments (national, territioriral, local) remove regulations in effort to attract domestic and international investment. This is the race to see who can be a little more cruel to their citizens.
History
In the in the early 1900's some would call the, what we call the 'race to the bottom', the 'race to efficiency.' Others like
Sanford F. Schram and Justice Louis Brandeis would agree we with the term of 'race to the botttom' because they talk of it as a competiton between states to attrack investment via lowering; the minimum wage, environmental standards and labour regulations.
Cause
In the current era, the major cause of the 'race to the bottom' has come from the idea of freetrade. The push towards lowering tariffs, even eliminating tariffs, and an active effort to remove trade barriers.
The World Trade Organization (WTO) along with the influence of the US, the idea of free trade emreged in world markets and conquered small economies. Small economies then need to lower their own stardards to attract attention that the greater economies already have.
- is the process in which governments (national, territioriral, local) remove regulations in effort to attract domestic and international investment. This is the race to see who can be a little more cruel to their citizens.
History
In the in the early 1900's some would call the, what we call the 'race to the bottom', the 'race to efficiency.' Others like
Sanford F. Schram and Justice Louis Brandeis would agree we with the term of 'race to the botttom' because they talk of it as a competiton between states to attrack investment via lowering; the minimum wage, environmental standards and labour regulations.
Cause
In the current era, the major cause of the 'race to the bottom' has come from the idea of freetrade. The push towards lowering tariffs, even eliminating tariffs, and an active effort to remove trade barriers.
The World Trade Organization (WTO) along with the influence of the US, the idea of free trade emreged in world markets and conquered small economies. Small economies then need to lower their own stardards to attract attention that the greater economies already have.